Agricultural Bank IPO passes preliminary review

By Yan Pei
0 CommentsPrint E-mail, May 26, 2010
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China's business press carried the following stories on Wednesday. has not checked the stories and does not vouch for their accuracy.

Agricultural Bank IPO passes preliminary review - China Business News

Agricultural Bank of China's IPO application has passed a preliminary review by China Securities Regulatory Commission, China Business News reported, citing sources from the regulator.

Companies planning share offerings must pass a preliminary review by the securities regulator before the formal IPO review. After passing the first review, they must post a disclosure statement on the CSRC website and announce the time of their formal review. Normally, the formal review takes place three to four days after the statement.

"Agricultural Bank won't be taken to a formal review this week," the source said.

The bank, the last of the big four state-owned lenders to be listed, plans to list in both Hong Kong and Shanghai. Despite market speculation on which market it will be listed first, the bank has not disclosed any details on the matter. But according to the source, "it's certain that it (Agricultural Bank) will float its A shares first".

Former Ping An Bank president appointed head of Shenzhen bank - Beijing Business Today

Richard Jackson, former president of Ping An Insurance's banking arm, has been appointed president of Shenzhen Development Bank, the bank said in a statement on Tuesday.

The former president, Xiao Suining, has been appointed board chairman.

Former board chairman and CEO Frank Newman has resigned his post but will remain as a senior advisor to the bank until the end of the year. Newman, 68, became head of the bank in 2005 and has significantly improved its business performance and financial outcomes.

In 2009, Shenzhen Development bank earned a 5.03 billion yuan net profit, up 719 percent year-on-year.

52-year-old Jackson joined Ping An Bank from Citigroup in 2007.

The reshuffle came after Ping An Insurance raised its stake in the Shenzhen bank to become the controlling shareholder.

Kingsoft net profits down 11% in Q1 - China Business News

Software developer Kingsoft Corporation Limited (stock code: 3888.HK) announced Tuesday net profits of 89.74 million yuan for the first quarter, 11 percent down year-on-year.

The company's Q1 business revenue was 246 billion yuan, up 4 percent from a year earlier but down 18.13 percent from the last quarter of 2009.

Revenue from entertainment software and applications software stood at 165 million and 82.23 million yuan, respectively - accounting for 66 percent and 33 percent of total business revenue.

Monthly average paying customers of the company's online games totaled 1.46 million, down two percent year-on-year. Monthly average revenue per customer was 36 yuan in the first quarter, down 5 percent from the previous quarter.

Kingsoft shares closed at HK$4.79 on Tuesday, down 2.24 percent.

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